Section 1291 — Corporations Act 2001: Immediate suspension or cancellation

ASIC may cancel or suspend a person’s registration as an auditor if: (a) the person is liable to pay levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017; and (b) the following have not been paid in full at least 12 months after the due date for payment: (i) an amount of levy (if any) payable in respect of the person; (ii) an amount of late payment penalty payable (if any) in relation to the levy; (iii) an amount of shortfall penalty payable (if any) in relation to the levy. Note: See section 1298 for the effect of suspension.